U.S. Stocks Continue to Shun Foreign-Borne Risks

Bad news from Europe has only slowed equities advance. But deferring an eventual correction may make it worse.

Despite all reasons why the stock market should succumb to the long-anticipated 10% correction, the rising trend remains intact. All of the ups and downs over the past three weeks are still part of a small trading range, which marks a pause in a steady advance.

This time, sparked by renewed political and economic fears in Italy, Wednesday's sharp morning downdraft was largely erased by midsession with a steady march higher from its early low. In fact, the trading action looked very similar to what was seen just over a week...